Purpose – This study examines the impact of fleet aging on firm value in the shipping industry, and investigates the moderating effects of lease utilization and shipping market condition on this relationship. Design/Methodology/Approach – Using panel data of 31 firm-year observations from Korean listed shipping companies for the period 2019-2024, we employ regression analysis with heteroscedasticity consistent standard errors and bootstrap methods for robust inference. Fleet age is measured by the ratio of accumulated depreciation to gross vessel value, and then converted into a dummy variable (Inc_Age) that takes a value of 1 if fleet age increased compared to the previous year, and 0 otherwise for hypothesis testing. Firm value is proxied by Tobin’s Q, while the Baltic Dry Index is used to distinguish between boom and recession periods. Findings – Fleet aging has tendency to reduce firm value, but this negative effect is substantially mitigated when companies utilize vessel leasing. The interaction effect shows that leasing reduces the negative impact. Furthermore, this mitigation effect is pronounced during shipping boom periods, but insignificant during recessions, suggesting that the strategic value of leasing varies with market conditions. Research Implications – The findings provide empirical evidence that operating leases serves as an effective risk management tool against asset obsolescence in capital-intensive industries. For shipping companies facing stringent environmental regulations and volatile market conditions, the integration of fleet renewal strategies with flexible financing arrangements is crucial for maintaining competitive advantage and firm value.
Ⅰ. 서론
Ⅱ. 선행연구의 검토
Ⅲ. 가설 및 모형 설정
Ⅳ. 실증분석 결과
Ⅴ. 추가분석
Ⅵ. 결 론
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